What You Need To Know About Bitcoin

Over the past bitcoin has been one of the most frequent and hot topics around the world. Investors, stock traders, and entrepreneurs are among the people who are interested in the Bitcoin information. For those who don’t understand what a bitcoin is: it is a type of currency which is digital.

Unlike other currencies, the bitcoin currency is not controlled by any bank, centralized authority or even the government. Bitcoin is normally developed by people who are known as “miners.” The Miners are known to use the computer to mine the bitcoin; they also use specialized hardware that aids in the process of bitcoin transactions.

Techprenuers have come up with tools known as bitcoin calculators that allow someone to convert any amount of money which is in any currency to and from bitcoin. There are a lot of things many people don’t understand about bitcoin, in this article we discuss some of the things which one needs to know about Bitcoin.

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Bitcoin Origin

The origins of bitcoin can be traced back in 2008. The creator of this cryptocurrency went by the pseudonym of Satoshi Nakamoto. He published the concept proof for Bitcoin in the year 2008. This proof later went on to be published in one of the cryptocurrency mailing lists in the year 2009.

In the Year 2010, Satoshi Nakamoto left the bitcoin project and then disappeared never to be heard of.  Despite his disappearance, other tech-developers picked up his work and continued the development of the cryptocurrency. The true identity of Satoshi Nakamoto, the founder of bitcoin, has never been confirmed.

You Can Spend Bitcoins To Purchase Anything

People have continued to use bitcoins to buy things that they may have bought using normal currencies. May 22, 2010, is the date when the first transaction involving bitcoin was reported. The transaction happened when a certain programmer by the name Laszlo Hanyecz traded 10,000 bitcoins for pizza. As of today, 10,000 bitcoins are worth over $100 Million. If you don’t understand the price of a bitcoin in your currency, you can always use the online bitcoin calculators.

Bitcoin Is Not Owned By Anyone

To understand bitcoin more precisely is good to think of it like email. Anybody across the world can use an email but there is no person in the world, or even company that can say is in charge of it.  The Banks or even the government cannot block someone from receiving bitcoins anywhere in the world; this is because the transactions of bitcoin are irreversible.

Bitcoin Calculator

A bitcoin calculator is a type of software tools that have been developed to convert any amount to and from bitcoin. The amount is from any preferred world currency, and the conversion rates that are based on the bitcoin calculator are usually based on the live price of the bitcoin.

The bitcoin price has been on the rise for the last couple of years. Therefore, the value of a bitcoin three years ago is so much different to the corresponding value of the bitcoin in the present day.  The calculator is usually online based.

If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.

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